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Issues: Whether questions of law arose for reference under section 27(3) of the Wealth-tax Act, 1957 in relation to valuation of shares on yield basis and the applicability of rule 1D of the Wealth-tax Rules.
Analysis: In view of the existing decisions of the Court, it was held that questions of law did arise. The Court found it sufficient to refer only questions Nos. 1 and 3, treating question No. 2 as implicit in them.
Outcome: The Tribunal was directed to state questions Nos. 1 and 3 under section 27(3) of the Wealth-tax Act, 1957.
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